Tower Resources PLC on Friday said it undertook a basin and thermal maturity study within the license PEL 96 in Namibia.

The Africa-focused oil and gas company said that the integrated analysis showed ‘clear evidence of a working petroleum system present within the Dolphin Graben in PEL 96’.

Chief Executive Officer & Chair Jeremy Asher said: ‘The conclusions indicate the potential for either of the giant billion-barrel-plus structures in the West of the license to be charged; furthermore, the migration pathways, coupled with the recent impressive industry successes in drilling stratigraphic plays in the Orange basin to the south, enhance our interest in the similar stratigraphic leads that we interpret on the flanks of the Alpha prospect structure in particular. We look forward to updating investors further as our work progresses.’

Tower Resources shares fell 7.3% to 0.043 pence each on Friday morning in London.

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